TheStreet

Russia's Steelmaker Withdraws from U.S. Market for $2.3 Billion

Russia's Severstal sells North American steel assets to Steel Dynamics (STLD) and AK Steel (AKS) for $2.3 billion, wrapping up a process which reportedly drew interest from U.S. Steel and Brazil's CSN. Severstal is Russia's second-biggest steel producer, its North American business made up for 30% of the company's revenue. Severstal is controlled by Russian billionaire Alexei Mordashov, who said politics did not influence this decision to sell. But the sale does come at a time of heightened tensions with the U.S. and Russia. The Deal's Correspondent Paul Whitfield joins TheStreet's Susannah Lee from Paris